Emcure Pharmaceuticals Signs Major Solar Power Deal with Sunsure Energy

Emcure Pharmaceuticals Ltd and its subsidiary Gennova Biopharmaceuticals Limited have announced a pivotal agreement with Sunsure Energy, one of India’s leading renewable energy providers. The partnership involves a 22.78 MWp DC Solar Power Purchase Agreement (PPA), marking a significant move towards sustainability for both companies.

Under this agreement, Emcure and Gennova will source ~36 million units of clean, renewable energy annually for their manufacturing plants located in Pune. This arrangement is poised to meet around 67% of their power needs with green energy, substantially advancing their environmental goals. Notably, the shift to renewable energy will help offset approximately 29,765.71 metric tons of CO2 emissions each year, further underscoring their commitment to reducing their carbon footprint.

As part of this initiative, Emcure and Gennova have also entered into a Shareholders Agreement to acquire a stake in Sunsure Solarpark Twelve Private Limited. This acquisition aligns with the Electricity Act, 2023 and relevant regulations, enabling the companies to purchase solar power under a group captive scheme. Sunsure Energy will provide this power from its 150 MWp DC solar facility located in Solapur, Maharashtra.

Emcure Pharmaceuticals, with a robust presence in over 70 countries, continues to focus on delivering high-quality pharmaceutical solutions. This new agreement not only enhances their sustainability efforts but also reinforces their dedication to integrating eco-friendly practices into their operations, contributing to a significant reduction in environmental impact.

Sharing his thoughts on the PPA agreement, the Whole-time Director of Emcure Pharmaceuticals Ltd, Mr Sunil Mehta, said, “At Emcure, we are dedicated not only to improving lives through innovation and research for our differentiated portfolio but also through efficient and environment-friendly manufacturing processes.”

He further added, “Our partnership with Sunsure Energy is a testament to promoting innovative solutions in the pharmaceutical industry to reduce the industry’s carbon footprint by embracing the power of renewable energy. Emcure is proud to be leading the adoption of solar power in the pharmaceutical industry in India. We look forward to continuing our collaboration with Sunsure Energy to achieve new milestones in our green energy journey.”

Mr Shashank Sharma, Founder and CEO of Sunsure Energy, stated, “We are thrilled to onboard Emcure Pharmaceuticals, a global leader in the pharmaceutical industry, to our esteemed family of customers. This PPA demonstrates Sunsure’s dedication to facilitating the renewable energy transition for leading corporations in the pharmaceutical sector. By working together, we are not only powering Emcure’s facilities with clean energy but also driving broader environmental stewardship within the industry.”

On July 26, 2024, the share price of Emcure Pharmaceuticals Ltd opened at ₹1,310.95, touching the day’s low at ₹1,292.00, as of 10:33 AM on the NSE.

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